punishment now? what's the point of putting them through years of high unemployment, all the social costs associated with with that and all the cuts and the pain in cutting health care spending if they're going to default anyway? why not arrange that now. the markets believe they're going to default, and i think everybody, except the european central bank, probably believes it. >> warner: is there an argument to be made, that the greeks are living way beyond their means, that these kinds of cuts would be necessary no matter what? >> obviously there was a problem with tax collection there. really if you look at it, most of what they're going through is the same as the other weaker economies in europe-- portugal, spain, ireland-- it was caused by the recession and the financial crisis, 2008 and 2009. so, you know, would their debt had been sustainable had that hadn't happen? maybe. the point is they're in that situation. you know, for an individual we have bankruptcy, right. so for a country there should be a way to get out of it.